These General Terms and Conditions shall apply to the relationship between National Microfinance Bank Limited, (hereinafter referred to as "the Bank"), and the Customer as a whole. In addition, any relevant Specific Terms and Conditions and the fees set out in Tariff Guide shall apply. In the event of any conflict between the General Terms and Conditions and the Specific Terms and relating to any particular product or account, the relevant Specific Terms and Conditions shall prevail.
Amendment to General Terms and Conditions
The Bank may amend these General Terms and Conditions and any Specific Terms and Conditions (including as to rates of interest and any Bank charges) at any time. The Customer will be notified in writing of any such changes.
Opening an Account; Credit Record
In order to open an account with the Bank, applicants must (i) duly complete the relevant application form made available by the Bank so that it contains an accurate and comprehensive response to all the questions asked by the Bank; (ii) attach all the documents referred to on such application form; and (iii) provide all such other information or documentation which may be requested by the Bank.
The applicant must be confirmed by a reliable third party, the identity of whom must be agreed with the Bank in advance, and the Bank reserves the right to seek and take up references on such applicants.
The Bank may, on receipt of an application to open an account and thereafter at any time, make enquiries about the credit record of the Customer with credit reference agencies or other persons as the Bank may consider necessary or appropriate.
Only once the Bank has confirmed to the applicant in writing of his successful identification and the recording of his data will the Bank open an Account for the Customer.
Where the Customer makes a written request to the Bank, the Bank may (but shall not be obliged to) provide information to credit reference agencies and other banks with respect to the conduct of any account of the Customer with the Bank but the Bank shall incur no liability in doing so.
Authorised Signatories
The Customer shall supply a specimen of the Customers' signature and details of any authorised signatories (and shall ensure that any such authorised signatory provides a specimen signature), as and when required by the Bank.
Giving Instructions
The Bank shall act on instructions given in a document bearing the original signature of the Customer (or his authorised signatory).
The Bank at its discretion may, in some circumstances, allow instructions to be given by telephone, email, facsimile transmission or other means of transmission, provided that the Bank's proper security procedures have been followed.
The Bank may refuse to act on any instruction if the instruction is not clear, or if the Bank believes that: (i) doing so would contravene any applicable law or regulation or; (ii) the Bank reasonably believes that instructions may involve fraudulent or other serious criminal behaviour.
Joint Account Holders
Where an account is to be opened or operated in the name of more than one person, the rights and obligations of each joint account holder and other matters with respect to the operation of the account shall be as agreed in writing by each of them with the Bank from time to time.
If there is no agreement to the contrary pursuant to Clause 6.1, the account holders shall have joint and several liability and each joint account holder shall be deemed to have full authority to operate the account, and to make withdrawals and transfers from the joint account without the consent of the other joint account holders.
References to "Customer" in these General Terms and Conditions shall include each joint account holder.
Changes of Customer Details
The Customer must notify the Bank immediately in writing (or, at the discretion of the Bank, by any other means) of any change of name or residential or correspondence address (in each case providing such evidence as the Bank may require) or any cancellation or change in any authorisation by such Customer.
Currency Exchanges
The Bank will carry out currency exchange transactions in accordance with the standard banking practice of the Bank from time to time.
The exchange rate applied will, unless otherwise agreed with the Customer beforehand, be based on the rate used by the Bank for similar transactions at the time the currency exchange transaction occurs.
Customer Borrowings
The Customer may borrow money from the Bank only upon such terms as may be agreed in writing between the Customer and the Bank.
Any such facilities must be approved in advance by the Bank in each case. The applicant accepts that the provision of any facility or other accommodation may be granted or refused at the sole discretion of the Bank.
The Bank will charge interest on any overdraft or other banking facilities, compound or simple as determined in the sole discretion of the Bank (or as may be specifically agreed in writing with the Customer). The Customer irrevocably and unconditionally agrees to pay any and all such interest to the Bank as and when and in whatever way the Bank determines or directs.
Customers shall be liable for any amounts owed to the Bank.
Costs; Fees and expenses; Deduction from account
The Bank shall have the right to charge applicable fees as detailed in the Tariff Guide, which fees may be varied from time to time.
The Bank will have the right (without reference to the Customer) to debit any account of the Customer in respect of any fees, expenses (including, without limitation, legal costs, taxes and stamp duties), interests, commissions paid or incurred on its behalf, or charges levied as a consequence of any dealings between the Bank and the Customer.
Bank's Lien and set off
In addition to any general lien or other rights or remedies to which the Bank may be entitled whether by operation of law or otherwise, the Bank may at any time and without notice combine or consolidate any or all accounts of the Customer in any currency and set off or transfer any amounts standing to the credit of any such account in or towards the satisfaction of any liabilities of the Customer to the Bank with respect to any other account(s) or in any other respect, regardless of whether such liabilities be several or joint.
The Bank shall have a lien on all claims to which the Customer is entitled or to which the Customer will be entitled arising from relationship between the Bank and the Customer.
The lien serves as security for all existing, future and conditional claims against the Customer, to which the Bank is entitled as a result of the banking business relationship.
Termination of Relationship
The Customer may at any time and without giving any reason by notice in writing terminate either the whole of the relationship with the Bank or particular service(s) relating to a particular product(s) (in the case of joint holders, all account holders must sign), such termination to be without prejudice to any rights accruing up to the period of such termination.
The Bank may at any time and without giving any reason after giving 30 days written notice terminate the whole of the relationship with the Customer or any particular service(s) relating to a particular product(s), such termination to be without prejudice to any rights accruing up to the period of such termination. However, the Bank shall be entitled to terminate the whole of the relationship with the Customer immediately if it reasonably believes that (i) the Customer has been involved in fraudulent or other serious criminal behaviour; (ii) the terms of the General Terms and Conditions or any Specific Terms and Conditions have been materially breached; (iii) the relationship between the Bank and the Customer has irretrievably broken down; or (iv) the customer (including any joint account holder constituting a part of the Customer) has been adjudged bankrupt, insolvent or their affairs have become subject to administration, receivership or any similar process.
On termination of any account, the Customer shall return such items as may reasonably be requested by the Bank (including, without limitation, all cards and unused cheques). The Customer must immediately repay any amounts outstanding in favour of the Bank.
Liability
In these General Terms and Conditions, any exclusion or restriction of a liability or remedy is only valid to the extent that the liability or remedy:
does not arise from death or personal injury,
may by law be excluded or limited, and
does not arise from fraud or dishonesty of the person relying on the exclusion or restriction.
Neither the Bank, its officers, agents nor employees shall be liable for any unauthorised withdrawal from or access to, any account except where previous notice of the loss of any statement, withdrawal form or other account record has been provided to the Bank and confirmed in writing.
Any documentary evidence provided by the Bank regarding a Customer's account shall be considered to be final and conclusive proof of the status of the Customer's account.
The Bank shall not be liable to the Customer for any failure to fulfil any obligation caused by circumstances outside its' reasonable control, or for failing to act pursuant to Clause 5.3.
The Bank's liability to the Customer for loss or damage resulting from the failure, delay or error in carrying out instructions will in any event be limited to the lower of the amount of such loss or damage and the amount of any interest not received or paid by the Customer as a result of such failure, delay or error. The Bank will not be liable to the Customer for loss of business, loss of goodwill, loss of opportunity, loss of profit or any type of special, consequential or indirect loss whatsoever.
The Bank shall not be liable for any losses which are not suffered by the Customer directly, or which the Bank could not have reasonably foreseen.
The Bank shall not be liable to the Customer in respect of its taking any action required by law, including, without limitation, pursuant to any order to freeze the account(s) of the Customer or any garnishee order.
Data Protection
The Bank shall be entitled to keep personal details supplied by the Customer and others in connection with or relating to the relationship between the Bank and the Customer on electronic database, manual filing system or in any other way. Any subsidiary of the Bank with whom the account holder has a relationship may use and update any centrally held information to provide the Customer with services, to prevent fraud and to update their own records about the Customer.
Confidentiality
The Bank will maintain and preserve its duty of confidentiality in relation to the Customer's financial affairs in accordance with Tanzanian law and generally accepted international banking practice. The Bank will only pass on information relating to a Customer if it has a duty (or is legally required) to do so, or if the Customer has requested or consented to the release of such information, whether pursuant to Clause 3.4 or otherwise.
Communications
Unless the Bank notifies a specific address to the Customer, any letter, notice or other document in respect of an account may only be served on the Bank by the Customer at the branch of the Bank with which the Customer principally does business.
Any letter, notice or other document served by the Bank to the Customer shall be deemed to be served if sent by post and addressed to the Customer at the last notified address, 72 hours after posting it in Tanzania, and 144 hours to any other country.
The Bank may monitor and record telephone calls to verify that the Customer's instructions have been carried out correctly, and to improve the Banks' quality of service.
The Bank may contact the Customer about the Bank's other services which the Bank believes may be of interest to the Customer unless the Customer has informed the Bank in writing that they do not wish to receive this information.
The Customer shall forthwith notify the Bank upon the occurrence of any event that would entitle the Bank to terminate the whole or any part of its relationship with the Customer pursuant to Clause 12.2
Validity of Terms and Conditions
If any term in these General Terms and Conditions or any relevant Specific Terms and Conditions is held to be invalid, in whole or in part, that term or part will be deemed not to form part of these General Terms and Conditions or Specific Terms and Conditions, as applicable. The enforceability of the remainder of the terms will not be affected.
Entire Agreement
These General Terms and Conditions together with any relevant Specific Terms and Conditions, the Tariff Guide and any specific agreement in writing between the Bank and the Customer form the entire agreement between the Bank and the Customer.
Applicable law and jurisdiction
These General Terms and Conditions, any Specific Terms and Conditions and specific agreements in writing between the Bank and the Customer will be governed by, and interpreted in accordance with, the laws of Tanzania.
The Customer irrevocably agrees that the Courts of Tanzania will have jurisdiction to settle any claim, difference or dispute which may arise out of or in connection with the Bank's relationship with the Customer, including as regards these General Terms and Conditions, any relevant Specific Terms and Conditions and any specific agreements in writing between the Bank and the Customer.
Notwithstanding the provisions of Clause 19.2, the Bank shall be entitled to take proceedings against the Customer in any other court of competent jurisdiction.